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8/10/2018

UNIVERSAL DISPLAY CORP SHARES CLIMB…

Shares of Universal Display Corp (NASDAQ:OLED) traded higher
Friday, a day after the developer of organic light-emitting diode technologies
for screens and smartphones posted second-quarter revenue and profit that beat
Wall Street’s estimates.

Overcoming weak demand for OLED (organic light emitting
diode) panels in the quarter, the company reported net income of US$10.8mln or
US$0.23 per share, and on an adjusted basis, it reported per-share earnings of
US$0.31. Revenue, meanwhile, came in at US$56.1mln in the quarter.

Wall Street had expected earnings per share of US$0.13 per
share on revenue of US$49mln.

The results were welcomed by investors who pushed up
Universal Display's shares by nearly 10% to US$111.25 in Friday's pre-market
session

“In the second quarter, we saw material sales improving off
what we believed to be a first quarter ‘bottom’ for material shipments,” said
Sidney Rosenblatt, Universal Display’s chief financial officer in a statement.
"We continue to expect an additional pick-up in orders and revenues in the
second half of the year."

The company did note, however, that demand for OLED panels
remained soft in the second quarter due to weakness in the smartphone market.

But Universal Display still expects this year’s revenues to
fall in the range of US$280mln to US$310mln and has also announced a US$0.06
per share dividend for the third quarter.

In a statement, CEO Rosenblatt said he was particularly
excited about the introduction of the first foldable OLED product next year.
"We believe that 2019 is poised to be a pivotal year for the OLED
industry," he said.

Headquartered in Ewing, New Jersey, Universal, which was
founded in 1994, makes organic light-emitting diode technology and has offices
in China, Hong Kong, Ireland, Japan, South Korea and Taiwan.

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